<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 764797
000 D000000 N
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000 I000000 3.0.a
000 J000000 U
001 A000000 SCUDDER VARIABLE LIFE INVESTMENT FUND
001 B000000 811-4257
001 C000000 6172952567
002 A000000 TWO INTERNATIONAL PLACE
002 B000000 BOSTON
002 C000000 MA
002 D010000 02110
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080 A00AA00 ICI MUTUAL INSURANCE
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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SIGNATURE THOMAS F. MCDONOUGH
TITLE SECRETARY
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders
of Scudder Variable Life Investment Fund:
In planning and performing our audit of the financial statements and
financial highlights of Scudder Variable Life Investment Fund for the year ended
December 31, 1995, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and financial highlights and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of Scudder Variable Life Investment Fund is responsible for
establishing and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operations may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements and financial
highlights being audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions. However,
we noted no matters involving the internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of December 31, 1995.
This report is intended solely for the information and use of management of
Scudder Variable Life Investment Fund and the Securities and Exchange
Commission.
/s/COOPERS & LYBRAND L.L.P.
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
January 29, 1996
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Variable Life Investment Fund Money Market Portfolio Annual Report for the
fiscal year ended December 31, 1995 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> SCUDDER VARIABLE LIFE INVESTMENT FUND MMP
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 79,380,856
<INVESTMENTS-AT-VALUE> 79,380,856
<RECEIVABLES> 539,399
<ASSETS-OTHER> 88
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 79,920,343
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 172,452
<TOTAL-LIABILITIES> 172,452
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79,747,891
<SHARES-COMMON-STOCK> 79,747,891
<SHARES-COMMON-PRIOR> 90,497,912
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 79,747,891
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,982,809
<OTHER-INCOME> 0
<EXPENSES-NET> 411,205
<NET-INVESTMENT-INCOME> 4,571,604
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,571,604
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,571,604
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 148,542,887
<NUMBER-OF-SHARES-REDEEMED> (163,864,512)
<SHARES-REINVESTED> 4,571,604
<NET-CHANGE-IN-ASSETS> (10,750,021)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 306,996
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 411,205
<AVERAGE-NET-ASSETS> 83,040,849
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.055
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.055)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Variable Life Investment Fund Bond Portfolio Annual Report for the fiscal year
ended December 31, 1995 and is qualified in its entirety by reference to such
financial statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> SCUDDER VARIABLE LIFE INVESTMENT FUND BOND POR
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 100,910,726
<INVESTMENTS-AT-VALUE> 104,360,913
<RECEIVABLES> 12,166,968
<ASSETS-OTHER> 13,649
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 116,541,530
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44,027,073
<TOTAL-LIABILITIES> 44,027,073
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 66,919,896
<SHARES-COMMON-STOCK> 10,126,562
<SHARES-COMMON-PRIOR> 21,973,579
<ACCUMULATED-NII-CURRENT> 2,587,204
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (422,732)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,430,089
<NET-ASSETS> 72,514,457
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,483,844
<OTHER-INCOME> 0
<EXPENSES-NET> 776,678
<NET-INVESTMENT-INCOME> 8,707,166
<REALIZED-GAINS-CURRENT> 5,636,324
<APPREC-INCREASE-CURRENT> 8,197,950
<NET-CHANGE-FROM-OPS> 22,541,440
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9,011,114)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,433,349
<NUMBER-OF-SHARES-REDEEMED> (21,623,990)
<SHARES-REINVESTED> 1,343,624
<NET-CHANGE-IN-ASSETS> (69,890,155)
<ACCUMULATED-NII-PRIOR> 2,188,157
<ACCUMULATED-GAINS-PRIOR> (5,607,148)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 657,112
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 776,678
<AVERAGE-NET-ASSETS> 138,338,371
<PER-SHARE-NAV-BEGIN> 6.48
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> 0.69
<PER-SHARE-DIVIDEND> (0.45)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.16
<EXPENSE-RATIO> 0.56
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Variable Life Investment Fund Balanced Portfolio Annual Report for the fiscal
year ended December 31, 1995 and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> SCUDDER VARIABLE LIFE INVESTMENT FUND BAL POR
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 58,419,414
<INVESTMENTS-AT-VALUE> 67,346,560
<RECEIVABLES> 693,935
<ASSETS-OTHER> 5,350
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68,045,845
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 120,056
<TOTAL-LIABILITIES> 120,056
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 56,689,203
<SHARES-COMMON-STOCK> 6,206,064
<SHARES-COMMON-PRIOR> 5,076,236
<ACCUMULATED-NII-CURRENT> 483,837
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,831,568
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,921,181
<NET-ASSETS> 67,925,789
<DIVIDEND-INCOME> 564,132
<INTEREST-INCOME> 1,516,654
<OTHER-INCOME> 0
<EXPENSES-NET> 370,893
<NET-INVESTMENT-INCOME> 1,709,893
<REALIZED-GAINS-CURRENT> 2,307,029
<APPREC-INCREASE-CURRENT> 9,159,100
<NET-CHANGE-FROM-OPS> 13,176,022
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,673,390)
<DISTRIBUTIONS-OF-GAINS> (316,977)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,667,336
<NUMBER-OF-SHARES-REDEEMED> (741,962)
<SHARES-REINVESTED> 204,454
<NET-CHANGE-IN-ASSETS> 22,401,214
<ACCUMULATED-NII-PRIOR> 392,285
<ACCUMULATED-GAINS-PRIOR> (103,434)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 269,230
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 370,893
<AVERAGE-NET-ASSETS> 56,714,081
<PER-SHARE-NAV-BEGIN> 8.97
<PER-SHARE-NII> 0.30
<PER-SHARE-GAIN-APPREC> 2.04
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.95
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Variable Life Investment Fund Growth and Income Portfolio Annual Report for the
fiscal year ended December 31, 1995 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 8
<NAME> SCUDDER VARIABLE LIFE INVESTMENT FUND G&I PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 43,992,798
<INVESTMENTS-AT-VALUE> 51,777,264
<RECEIVABLES> 446,411
<ASSETS-OTHER> 814
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52,224,489
<PAYABLE-FOR-SECURITIES> 53,204
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 208,851
<TOTAL-LIABILITIES> 262,055
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,108,706
<SHARES-COMMON-STOCK> 6,510,714
<SHARES-COMMON-PRIOR> 3,204,882
<ACCUMULATED-NII-CURRENT> 403,970
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 665,292
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,784,466
<NET-ASSETS> 51,962,434
<DIVIDEND-INCOME> 1,273,665
<INTEREST-INCOME> 135,250
<OTHER-INCOME> 0
<EXPENSES-NET> 268,639
<NET-INVESTMENT-INCOME> 1,140,276
<REALIZED-GAINS-CURRENT> 685,486
<APPREC-INCREASE-CURRENT> 8,112,233
<NET-CHANGE-FROM-OPS> 9,937,995
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (895,880)
<DISTRIBUTIONS-OF-GAINS> (150,289)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,166,992
<NUMBER-OF-SHARES-REDEEMED> (1,012,614)
<SHARES-REINVESTED> 151,454
<NET-CHANGE-IN-ASSETS> 31,887,592
<ACCUMULATED-NII-PRIOR> 164,132
<ACCUMULATED-GAINS-PRIOR> 125,538
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 169,852
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 268,639
<AVERAGE-NET-ASSETS> 35,816,197
<PER-SHARE-NAV-BEGIN> 6.26
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> 1.72
<PER-SHARE-DIVIDEND> (0.19)
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.98
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Variable Life Investment Fund Capital Growth Portfolio Annual Report for the
fiscal year ended December 31, 1995 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> SCUDDER VARIABLE LIFE INVESTMENT FUND CAP GRO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 297,392,731
<INVESTMENTS-AT-VALUE> 335,975,227
<RECEIVABLES> 2,102,224
<ASSETS-OTHER> 3,743
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 338,081,194
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 412,714
<TOTAL-LIABILITIES> 412,714
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 269,393,114
<SHARES-COMMON-STOCK> 22,392,030
<SHARES-COMMON-PRIOR> 20,979,934
<ACCUMULATED-NII-CURRENT> 1,250,850
<OVERDISTRIBUTION-NII> 00
<ACCUMULATED-NET-GAINS> 28,441,999
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,582,517
<NET-ASSETS> 337,668,480
<DIVIDEND-INCOME> 4,002,539
<INTEREST-INCOME> 742,001
<OTHER-INCOME> 0
<EXPENSES-NET> 1,655,008
<NET-INVESTMENT-INCOME> 3,089,532
<REALIZED-GAINS-CURRENT> 28,439,406
<APPREC-INCREASE-CURRENT> 40,615,497
<NET-CHANGE-FROM-OPS> 72,144,435
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,245,727)
<DISTRIBUTIONS-OF-GAINS> (8,804,833)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,213,682
<NUMBER-OF-SHARES-REDEEMED> (8,698,359)
<SHARES-REINVESTED> 896,773
<NET-CHANGE-IN-ASSETS> 81,137,725
<ACCUMULATED-NII-PRIOR> 507,243
<ACCUMULATED-GAINS-PRIOR> 8,707,226
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,383,919
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,655,008
<AVERAGE-NET-ASSETS> 291,491,359
<PER-SHARE-NAV-BEGIN> 12.23
<PER-SHARE-NII> 0.14
<PER-SHARE-GAIN-APPREC> 3.25
<PER-SHARE-DIVIDEND> (0.11)
<PER-SHARE-DISTRIBUTIONS> (0.43)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.08
<EXPENSE-RATIO> 0.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial information extracted from the Scudder
Variable Life Investment Fund International Portfolio Annual Report for the
fiscal year ended December 31, 1995 and is qualified in its entirety by
reference to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 6
<NAME> SCUDDER VARIABLE LIFE INVESTMENT FUND INT
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-1-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 469,199,855
<INVESTMENTS-AT-VALUE> 540,995,675
<RECEIVABLES> 4,259,833
<ASSETS-OTHER> 788,449
<OTHER-ITEMS-ASSETS> 7,747,842
<TOTAL-ASSETS> 553,791,799
<PAYABLE-FOR-SECURITIES> 3,256,983
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,332,323
<TOTAL-LIABILITIES> 5,589,306
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 471,786,315
<SHARES-COMMON-STOCK> 46,398,169
<SHARES-COMMON-PRIOR> 44,139,826
<ACCUMULATED-NII-CURRENT> 5,589,231
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8,741,483)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 79,559,430
<NET-ASSETS> 548,202,493
<DIVIDEND-INCOME> 7,980,980
<INTEREST-INCOME> 2,125,283
<OTHER-INCOME> 0
<EXPENSES-NET> 5,392,565
<NET-INVESTMENT-INCOME> 4,713,698
<REALIZED-GAINS-CURRENT> (7,926,588)
<APPREC-INCREASE-CURRENT> 56,119,932
<NET-CHANGE-FROM-OPS> 52,907,042
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (572,293)
<DISTRIBUTIONS-OF-GAINS> (1,628,833)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34,890,301
<NUMBER-OF-SHARES-REDEEMED> (32,848,178)
<SHARES-REINVESTED> 216,220
<NET-CHANGE-IN-ASSETS> 76,165,894
<ACCUMULATED-NII-PRIOR> 722,015
<ACCUMULATED-GAINS-PRIOR> 1,548,747
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,357,541
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,392,565
<AVERAGE-NET-ASSETS> 498,143,865
<PER-SHARE-NAV-BEGIN> 10.69
<PER-SHARE-NII> 0.11
<PER-SHARE-GAIN-APPREC> 1.07
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> (0.04)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.82
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
